Hispanic Art Scene Art Blog
Hispanic Art Market
On November 16, 2009 I attended the International Contemporary Latin American Art Forum at the Instituto Cervantes in NYC. The organizer of this event was Javier Iturralde de Bracamonte he seemed very knowledgeable in the area of Contemporary Latin American Art. The facilitator of this event was Christian Viveros-Fauné a New York based writer and curator. Christian also seemed very knowledgeable and asked the right follow up questions of the panelists. The panelists were Frederico Seve the Director of Latincollector New York, Holly Block the Director of the Bronx Museum of Art, and an executive from GlobalHue who had all the numbers and statistics about the Hispanic market & purchasing power. All presentations were very interesting and enlightening. I learned a bit more about the importance that some commercial galleries put on the escalation factors of their artists. I also learned a bit more about some of the Cuban Artists who live and create on my Island of Cuba.
The marketing power and potential of the Hispanic market was of the most interest to me. One of the statistics was the percentage of Hispanics who own original art works is approximately 5-8% (Very Low) that tells me that this market should have growth in the future as Hispanics are able to more easily afford to buy original art. As an artist my collector base is about 20% Hispanic and the rest General Market (All Nationalities) I do not market to any one segment, as I feel that the art I create has to evoke a feeling in its future owner/collector for it to have value. When I create I never consider to what market or to whom it will appeal. I do know that I have to like it and feel that it is a strong representation of me, before I will put it out on exhibition and/or sale.
The presentation created as much if not more questions than answers and that is how it should be. You see none of us have a crystal ball to look into the future. All any of us in the art world can do is keep our spirits high, stay motivated and wish for a better art market in the future. My personal opinion is that all adjustments in the art market as well as in any market is good if it brings the price levels up or down to where they should properly be. I never understood why certain artists derive so much money and market share from their work. But as my art became more popular and my prices started to reflect that I understood why. The cost of exhibitions increased, as well as my promotional budget. I now had to participate in fairs, and other costly events. Donations to art organizations and other charities also increased, as well as the price and quantity of materials that I needed to purchase. As artists get more famous and their business grows all costs go up just as it would with any other business. People do not realize how much the arts and artists give back in economic stimulation to all communities. So I do congratulate all those Super Stars who have had the nerve, dedication and strength to achieve the high level of respect that their art deserves.
I know that the future will hold great things for all the arts and artists that are dedicated and motivated to succeed. I wish all artists much success and hope they continue to enjoy all the fruits of their labor now and in the future.
Cuban American Artist, Jose Acosta